Are you going to college? Have you ever received an email from Great Lakes Educational Loan Services, Inc.? Wondered what it is? It’s related to student loans. Perhaps, you never heard about Great Lakes before, not to mention never contacted or took any loan from them.
Great lakes might not be a popular name among the student loan servicers. The official name of the company is Great Lakes Educational Loan Services, Inc. The US Department of Education (ED) owns Great Lakes as a loan servicer for federal student loans. You can check this detail on the official website of student aid.
Great Lakes may approach you for student loans. Some of you may be in doubt, so we’ve written this article about Great Lakes Students Loans.
Great Lakes Education Loan Service, Inc
The head office of Great Lakes Education Loan Service, Inc. is located in 2401, International Lane, Madison, Wisconsin, 53704, United States. It is a part of the Great Lakes but provides student loans across the nation. The US Department of Education (ED) contracted with Great Lakes Loan Service, Inc., with the other ten student loan companies to deal with federal student loans. The Nelnet Diversified Solutions, LLC, is the parent company and bought this company for $192.6 billion in 2017-2018.
More facts about the company:
- Great lakes have been in providing service in federal loans since 1978. An old company to trust.
- Over 2000 employees are working in this company to provide better service.
- The company has over 100 customer care representatives to resolve your queries.
- It has a record of helping more than eight million students facing different situations across the nation.
- To date, the company has invested approximately $260 million in grants to the communities.
- The company stands firm in managing billions of dollars in the consolidation loans.
- The company works in collaboration with over a thousand lenders and approximately six hundred schools, along with the Department of Education, US.
How A Student Loan Servicer Assigned to You?
You may be thinking about how a company which you are unaware of, has been given the charge to handle your federal student loan.
The US Education Department accepts your student loan request through your college and process it. Authorities approve your loan request, disbursed the funds, and your student aid account is handed over to any of the eleven student loan servicers. No one knows which student loan servicer you’re going to assign. Great Lakes Education Loan Service, Inc. may be assigned to you. The company will get in touch with you after it is assigned to manage your student loan. Mostly, a company contacts you after the first payment of your loan disbursement.
How to Avoid Student Loan Scams?
Great Lakes is one of the most commonly assigned servicers for federal student loans.
Definitely, you are concerned whether the communication you received is legitimate or not. Yes, you have the option to cross-check. What you need to do is, visit the website studentaid.gov and log in to your Federal Student Aid account. There you can see your federal student loan information, including your servicers for each loan.
You can be a victim of student loan scams. According to the US Department of Education, there is a possibility, some scammers contact Great Lakes borrowers and make false claims about student loan forgiveness or student loan status. Several debt relief funds also offer help in student loans, just to charge the borrowers for services that are free of cost otherwise, which may include deferment or lowering down the payment.
You must be read this to avoid loan scams. This way, you can prevent financial loss. You always contact your servicer through a secured way you are familiar with.
How to Work with Great Lakes?
As assigned, Great lakes as your servicer for your student loan, you need to contact the company for every matter regarding your student loan, starting from the initial to the final payment. Starting from the initial days of the loan, you are not compelled to repay it while completing your studies in college, and you may simply have queries or want to check the balance.
Once your repayment time arrives, Great lakes can help you in providing:
- Help you while you are facing difficulties in repaying the amount.
- Various options to convert the repayment plan, including an income-driven repayment plan.
- Apply for deferment or forbearance of the student loan to temporarily suspend or reduce your installments.
- Suggest if the federal student loan consolidation is suitable for you. If yes, then the process to complete the same.
Pay utmost attention to official mails or emails sent about the Great Lakes Loans. Those may provide you with sensitive or timely notification of missed payments or nonpayment of debt (due).
Tip: Keep steady over your Great lakes student loans to keep them on most favorable terms and defend yourself from fees, harm to your credit score, student loan defaulter, or even wage garnishment order from the court.
How to Contact Great Lakes?
There are many ways to reach to Great Lakes regarding queries and loan repayment:
1. You may call on (800) 236-4300
Their working hours are from Monday to Friday from 7 a.m. to 9 p.m. Central Time Zone
3. You may send a fax on (800) 375-5288
4. General correspondence address:
PO Box 7860
Madison, WI 53707-7860